Equity Bank CEO James Mwangi addresses a press conference on November 19, 2015. The lender posted a 29.8 per cent growth in core capital last year to Sh65.5 billion, making it the 25th largest bank in Africa and position 835 in the world. PHOTO | DIANA NGILA | NATION MEDIA GROUP
Equity ranked fastest growing bank in Africa
Equity Bank has been ranked the fastest growing large bank in Africa that has helped it join the rank of 25 largest lenders on the continent.
The lender posted a 29.8 per cent growth in core capital last year to Sh65.5 billion, making it the 25th largest bank in Africa and position 835 in the world.
Co-operative Bank was the third highest mover in Africa following a 10.9 per cent growth, which saw it jump to position 961 globally up from 981 last year.
KCB, the largest bank in the country by asset base and number 808 in the world, now ranks 24th in Africa following a 2.2 per cent growth in tier 1 capital, which is used as the ranking standard.
“The relative strength of this performance can in part be attributed to the performance of the Kenyan shilling in 2015, which declined modestly against the US dollar relative to many other African currencies,” said The Banker, a publication of Financial Times, which ranks the top 1,000 banks globally.
Kenyan lenders have been able to squeeze higher returns from their assets owing to introduction of cost-effective products.